Vocabulary:

People:

American economist, statistician, and writer, the most influential economist of the second half of the 20th century

taught at the University of Chicago for more than three decades

known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy

Yuri Andropov (1914-1984)

Leader of the Soviet Union from 1982-1984

1954: played a key role in crushing the Hungarian Revolution

1967: played key role in crushing of Prague Spring

1979: played dominant role in the decision to invade Afghanistan

Helmut Schmidt (1918-)

West Germany chancellor from 1974-1982, member of the SPD party,

1969-1972: Minister of Defense

1972-1974: Minister of Finance

supported policies which gave led to Germany having one of the most stable currencies and economic positions in the world

Ideas and Concepts:

On the complete confusion of the terms liberal and conservative, via tonight's history class and a 1975 interview with Milton Friedman: "I never characterize myself as a conservative economist. As I understand the English language, conservative means conserving, keeping things as they are. I don't want to keep things as they are. The true conservatives today are the people who are in favor of ever bigger government, the people who call themselves liberals today, the New Dealers, they are the true conservatives, because they want to keep going on the same path we're going on. I would like to dismantle that. I call myself a liberal in the true sense of liberal in the sense that it means of and pertaining to freedom."